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Foster Wheeler Unit Plans to Form JV In Azerbaijan

Engineering and construction group Foster Wheeler AG said its unit plans to form a joint venture with a state-owned company in the Republic of Azerbaijan to construct an oil and gas processing and petrochemical complex.

Azerbaijan's State Oil Company of Azerbaijan Republic (SOCAR) works in the fields of oil and gas exploration, production, transportation and marketing.

SOCAR plans to build an oil, gas processing and petrochemical complex in Garadag, Republic of Azerbaijan, Foster Wheeler said in a statement.

Foster Wheeler said a unit of its Global Engineering and Construction Group signed a Memorandum of Understanding to form a JV company that would focus on construction and other services related to building the new complex.

Foster Wheeler shares closed at $27.21 on Wednesday on Nasdaq.

Source: Reuters
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